Import iron ore prices in China have moved down on July 29, Thursday, compared to July 28, while indicated declines on weekly basis as demand has been reduced and the outlook has been bearish as crude steel production cuts will keep putting pressure on iron ore consumption.
Iron ore fines with 62 percent Fe content have slumped by $6.55/mt compared to July 28, to $193.65/mt CFR. Moreover, this level is $7.45/mt below that seen a week ago on July 22. Brazilian iron ore with 65 percent Fe has moved down by $5.85/mt on July 29 compared to July 28, at $228/mt CFR, down $11.6/mt week on week, SteelOrbis has learned.
On July 29, two large deals for imported iron ore have been concluded at the trading platforms. The deal for 90,000 mt of 60.5 percent Jimblebar fines was done at August index -$4.4/mt, while a contract for 80,000 mt of Mac Fines was closed at the same scheme.
Import iron ore prices have fallen further in the given week amid the slackening demand due to the production restrictions on steelmakers’ side. At the same time, demand may continue to be sluggish due to the reviewing on capacity elimination and the impact from the traditional offseason. It is expected that import iron ore prices may edge down in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have moved down by 1.59 percent today, coming to RMB 1,114.5/mt ($171.6/mt) compared to July 28, while decreased by RMB 23.5/mt ($3.5/mt) or 2.1 percent compared to July 22.
As of Thursday, July 29, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,753/mt ($886/mt), increasing by RMB 105/mt ($16.2/mt) or 1.86 percent since July 22, while increasing by 1.95 percent compared to the previous trading day (July 28).
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
1,750 |
-52 |
269.5 |
-9.3 |
Yandi fines |
58 / 59 |
1,160 |
-12 |
178.6 |
-2.7 |
PB Fines |
62 |
1,365 |
-65 |
210.2 |
-11.0 |
PB iron ore lump |
62/63 |
1,780 |
-52 |
274.1 |
-9.3 |
Brazil fines |
63 |
1,460 |
-45 |
224.8 |
-8.0 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price($/mt) |
Change |
Tangshan |
1,470 |
-8 |
226 |
-2 |
Beipiao |
1,413 |
-33 |
218 |
-6 |
Price includes VAT.
$1 = RMB 6.4942